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Socrates Unveils 3 Million USDT Influencer Accelerator Program and Airdrop

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[PRESS RELEASE – London, United Kingdom, December 15th, 2023]

Socrates, a global web3 social media platform rewarding users for debating, has launched an Influencer Accelerator Program to drive user engagement and community-building on the platform. The 3 million USDT fund goes live on 21st December, open to all web3 influencers regardless of following. On the same night, Socrates will host four events worldwide in London, Mexico City, Hong Kong and Buenos Aires to celebrate the recent launch of the app and distribution of the fund.

Socrates: Shaping Web3 Social Media with Rewarding Q&As

In the dynamic landscape of web3 social media, Socrates has emerged as a leading platform, sparking passionate discussions within the GameFi and SocialFi domains. Users can participate in multiple-choice Q&As, debating and sharing knowledge, including a unique incentivised ecosystem, where any interaction requires contributing to the question’s prize pool. Potential rewards* are then distributed once the question has closed, having already seen question prize pools amassing over 10,000 USDT* and creators earning nearly 1000 USDT just by asking a question.

Since its global launch in November, Socrates has become the go-to space for web3 users and key industry leaders to share their points of view and form like-minded communities, and the company now calls on influencers to unlock the thrilling potential of the platform for Play-to-Earn incentives.

Socrates’ Genesis Airdrop

Socrates is also excited to announce its Genesis Airdrop scheduled for December 18th, 2023, at 9am UTC. This event marks a significant milestone in rewarding the early adopters and contributors who have been instrumental in the platform’s growth since its launch last month. The airdrop will distribute a total of 100,000 tokens, with allocations of 10% to NFT Pen holders, 20% to active content creators, and the remaining 70% to early product supporters. The eligibility snapshot will be captured on December 16th, 2023, at 23:59 UTC. With this airdrop, Socrates aims to thank its users for their diverse and insightful contributions while looking forward to more such rewarding opportunities in the future.

Socrates’ 3M USDT Influencer Program

In a groundbreaking move, Socrates has recently introduced the 3 million USDT Influencer Accelerator Program. It’s not just a fund; it’s an invitation for influencers to dive into the hottest spot in the web3 universe where they can spark debates and take back substantial rewards.

To show Socrates support for selected influencers, Socrates will inject 3 million USDT* into questions created by selected influencers from the 21st December. This injection is poised to create a global buzz, emphasising the platform’s commitment to recognising and rewarding influential voices. The amount injected will be determined depending on their influence, where both influencers and users can earn a share of the 3 million USDT*.

Socrates’ Reward Syste

On the Socrates platform, everyone has the chance to earn rewards by posing questions, providing answers, and engaging in various interactions. Both influencers and platform users can benefit from the large prize pools created by the 3 million USDT injection, where selected influencers will secure guaranteed rewards by simply posing questions.

For influencers, benefits include:

  • As question creators, they are guaranteed a minimum of 5% share of the total points awarded to prize winners from question’s prize pool, including the points injected, known as the Question Creator Prize. If their question goes trending, they can also receive an additional trending bonus
  • Leveraging the global reputation of Socrates to nurture and expand their communities, amplifying their online presence and growing awareness
  • Learning important strategies for effectively utilising Socrates and interacting to maximise their chances of earning rewards

For everyday Socrates’ users can also benefit by keeping a watchful eye on the questions posted by influencers on the platform in the coming weeks:

  • By actively engaging with influencer’s questions, users stand the chance to earn significant rewards from the question’s large prize pools

Who Can Join and How?

The program is open to all web3 influencers with a strong community and following, a good understanding of the SocialFi and GameFi spaces, and who think they can make an impact on our platform.

influencers looking to be a part of this unprecedented opportunity can now submit their applications through the application form as soon as possible. Selected influencers are required to attend vital training sessions, enabling them to capture public attention through intriguing questions and answers and leveraging Socrates’ unique product features.

Double Celebration: Offline Events Across the Globe

In addition to the launch of the fund, four events in London, Mexico City, Hong Kong and Buenos Aires will turn the 21st December into a double celebration, honouring the recent launch of the Socrates app last month. The offline events are set to welcome an impressive guest list, featuring web3 industry leaders, Socrates’ 200+ employees, key partners, and influencers. Attendees can anticipate product demonstrations, live music, on-stage debates, and more, with an exclusive announcement set to be revealed on the night. The London event will also be livestreamed globally for everyone to experience the celebration.

  • Socrates is not just a platform; it has transformed into a thriving community where influencers redefine their online identities, participate in thoughtful debates, and unlock significant rewards! Sign up for the Influence Accellerator Program now!
  • For detailed information about the 100,000 airdrop, please refer to Socrates’ Twitter account
  • Members of the public interested in live-streaming the event can view it on Socrates’ social media platforms in the evening (local time) of the respective locations.
  • Users can join the Socrates community online app.socrates.com, or download the app on Google Play and Testflight
  • Users can sign up now with the invitation code 8kbe8hsq or use the invitation link

* USDT awarded in the form of points that can be redeemed 1:1 for USDT

About Socrates

Socrates is a global web3 social media and entertainment platform based on blockchain, where users earn rewards by participating in multiple-choice Q&As, debating, and sharing knowledge. Combining the best of Social-Fi and Game-Fi, the organisation aims to pioneer a new era of dialogue and knowledge beyond borders, empowering and rewarding individuals to share their vision and shape the future through diverse perspectives.

With social media and mainstream media currently directing human thoughts, Socrates inspires individuals to think freely about issues and combats misinformation. The platform features an innovative and intuitive user interface, allowing anyone to openly debate and discuss any topic, ranging from politics to sports and entertainment. Users can create multiple-choice questions in-app, allowing others to interact by answering, giving reasons, and liking comments.

Integral to Socrates’ mission, they’re dedicated to providing a space for people to voice their honest opinions, presenting unique perspectives in a streamlined format. The platform has also created an incentivised ecosystem where any interaction requires contributing to the question’s prize pool, with potential rewards being distributed once the question has closed. Valuable contributions and more popular ‘trending’ questions may offer larger rewards, ensuring users initiate or contribute to the dialogues that matter.

Utilizing decentralized blockchain technology, users can access the platform by linking their non-custodial wallet and spending crypto. With a focus on transparency, safety, and security, the community will benefit from web3’s unparalleled privacy features and spam reduction.

Socrates is a global organisation with a unique decentralized model that places its members at the core. With many members from leading fintech, web3, and crypto companies, the company has considerable plans for expansion, and is dedicated to giving everyone the freedom to share their opinion without constraint, fostering a community-driven platform that transcends geographical boundaries.

Learn more at socrates.com.

Contact

PR Executive
Marco Lucchesini
EAK Digital
marco.lucchesini@eakdigital.com

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BTC Records Best Week Since March Amid US CPI Announcement and Big Names Buying Bitcoin ETFs: This Week’s Crypto Recap

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A lot can change in the cryptocurrency market within the span of a week and it indeed did in the past seven days. It was just last Friday when bitcoin was struggling to remain above $60,000 after another leg down, but the landscape is quite different now.

The changes started to happen during the weekend when BTC remained above the aforementioned level and even increased slightly to around $61,000. However, the first big move came on Monday when the cryptocurrency pumped to just over $63,000.

It failed to sustain that rally and retraced hard on Tuesday amid some Coinbase issues and perhaps due to pressure from the upcoming US CPI announcement on Wednesday. Once that came out, though, and the reality met expectations, bitcoin started climbing rapidly.

It jumped by several grand and shot above $66,500 as the inflows to the ETFs accelerated as well. The asset retraced slightly yesterday to just under $65,000 but went back on the offensive today. As a result, BTC returned to over $66,000, marking its best week since the early days of March and making investors greedy again.

Speaking of a weekly scale, some of the most impressive gainers from the larger-cap alts include Solana, which skyrocketed earlier this week, and Chainlink, which tapped a multi-month peak of over $16.

Market Data

Market Cap: $2.533T | 24H Vol: $78B | BTC Dominance: 51.6%

BTC: $66,455 (+5.35%) | ETH: $3,086 (+2.1%) | BNB: $580 (-2.61%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin’s Fundamentals Remain Strong Amid Market Volatility: Bitfinex, Despite bitcoin’s retracement from the end of last week, Bitfinex highlighted in a report from Monday that all the network’s fundamentals have remained strong, even though the difficulty had declined slightly.

The Floppening: Ethereum Can’t Stop Losing Ground To Bitcoin. The graph above shows that ETH has failed to produce gains similar to those of BTC. In fact, the second-largest cryptocurrency has declined in value a lot compared to bitcoin in the past several months, making the so-called ‘flippening’ more of a distant dream than a potential reality.

Morgan Stanley Reveals $269 Million Investment in Grayscale’s GBTC. Publicly listed US giants had to disclose their financial activities during the first quarter of the year in separate filings to the US SEC. As such, several big names, such as Morgan Stanley, outlined multi-million dollar investments in different Bitcoin ETFs.

Wisconsin State BTC Investment Could Cause Chain Reaction From Other States. One of the other notable and perhaps surprising names on the BTC bandwagon list was the State of Wisconsin Investment Board (SWIB). Its $164 million investment in Bitcoin ETFs raises the question of whether other similar entities will follow suit.

CME Group Plans Spot Bitcoin Trading Amid Rising Wall Street Demand. CME Group, a traditional finance giant that has a rich history with the cryptocurrency industry, is reportedly looking into entering the spot Bitcoin trading market, something that the firm has avoided in the past. This could create lots of competition for established names like Coinbase and Binance.

ShibaSwap 2.0 Goes Live On Shiba Inu’s Layer 2 Blockchain. Shiba Inu’s ecosystem has been among the most active in the past year or so, and this week marked the migration of the native decentralized exchange to Shibarium in the form of ShibaSwap 2.0.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Senator Lummis Posts Bitcoin Laser Eyes After Passed Crypto Legislation

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U.S. Senator Cynthia Lummis recently posted “Bitcoin laser eyes” on X, showing her support for laws supporting the cryptocurrency.

The move follows the passing of legislation H.J.Res. 109 in the Senate, which aims to overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121.

Senator Lummis Advocates for Bitcoin Legislation

U.S. Senator Cynthia Lummis, representing Wyoming, is well-known for her advocacy of Bitcoin. She views the asset as a dependable store of value and a safeguard against inflation. Serving on the Senate Banking Committee, she aims to enforce a regulatory framework that fosters crypto innovation while safeguarding consumers.

The Senate recently passed legislation targeting the dismantling of SAB 121, which imposes stringent restrictions on financial institutions, preventing them from acting as custodians for digital assets like Bitcoin. Under the Congressional Review Act, H.J.Res. 109 aims to eliminate these barriers, allowing regulated financial firms to provide custody services for cryptocurrencies.

Prior to the legislation’s passage, Senator Lummis vocalized her support for overturning SAB 121. She denounced it as a rule disguised as accounting guidance crafted and implemented by SEC staff without majority commission approval.

Recently, Senator Lummis, along with Senator Ron Wyden of Oregon, penned a letter to U.S. Attorney General Merrick Garland expressing concerns over the perceived divergence in the Department of Justice’s interpretation of “money transmission” regulations. They argued that this deviation from FinCEN’s established definition could criminalize fundamental aspects of crypto networks, affecting responsible financial innovation in the U.S.

White House Cites Investor Protection Concerns

Meanwhile, the White House has clearly stated its opposition to the passed legislation. A recent statement indicated that President Biden would veto the bill if it reached his desk. He might argue that overturning SAB 121 would undermine the SEC’s efforts to protect investors in the crypto-asset markets and safeguard the broader financial system.

Critics of SAB 121 believe that the rule is excessively restrictive and limits financial institutions’ ability to meet the growing demand for Bitcoin services. They argue that these institutions, with their established compliance frameworks and security protocols, are well-equipped to manage the risks associated with digital asset custody.

Despite the Senate’s approval, the future of H.J.Res. 109 remains uncertain due to the potential presidential veto. If President Biden follows through on his veto promise, it would stop the resolution’s progress, maintaining the current restrictions on financial institutions’ custody of digital assets. Biden has the option to sign the bill into law, veto it, or take no action, in which case the bill would become law without his signature.

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LINK Explodes 18% Daily, BTC Maintains $66K as Bitcoin ETF Inflows Continue (Market Watch)

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Bitcoin’s price tapped a multi-week high yesterday at around $66,600 before it was pushed down by about a grand but has reclaimed the $66,000 level as of now.

Several altcoins have continued their recent rally, with LINK taking the main stage following a massive 18% surge.

BTC Back to $66K

The primary cryptocurrency had a tough end of the previous business week when it was brought down to just inches above $60,000. Instead of going below that coveted round-numbered milestone, though, the asset bounced off during the weekend and especially on Monday.

The bulls initiated an impressive leg-up at the start of the current week that drove bitcoin to just over $63,000. It failed there at first, dropping to $61,200 amid some Coinbase issues, but went back on the offensive on Wednesday after the US announced the CPI numbers for April.

As the spot Bitcoin ETF inflows kept increasing on Wednesday and Thursday, BTC’s price soared to a three-week high of just over $66,500. The asset retraced slightly yesterday evening but has jumped back above $66,000 as of now amid the fourth consecutive day of positive flows into those ETFs.

Its market cap remains slightly above $1.3 trillion, but its dominance over the alts has taken a hit and is down to 51.7%.

Bitcoin/Price/Chart 17.05.2024. Source: TradingView
Bitcoin/Price/Chart 17.05.2024. Source: TradingView

LINK Skyrockets

Most alternative coins turned green yesterday in a similar fashion to bitcoin. While some, such as BNB, DOGE, TON, TRX, and SHIB, are slightly in the red now, most others have kept climbing.

Ethereum and Ripple are up by 0.5-1%, which has helped the former maintain $3,000 and the latter $0.5. More gains come from the likes of SOL, ADA, AVAX, DOT, BCH, HBAR, and ICP.

However, Chainlink has stolen the show from the larger-cap alts. LINK has skyrocketed by more than 18% in the past day and now trades above $16.

The total crypto market cap has remained relatively still on a daily scale at just over $2.5 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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